Tax increase high incomes
The Spanish government recently published the Government's proposal for 2011, including the following measures:
> The top rate income tax (currently 43%) will be increased to 44% for incomes from 120,000 euros and to 45% for incomes from 175,000 euros. Because of the fact that a portion of this tax rate is determined by the regional states, in practice the ultimate top rates could result in 46 or even 49%.
> The mortgage deduction will expire from 2011 to individuals with an income higher than 24,170.20 euros.
> During the years 2011 and 2012, capital increases of companies will be exempt from capital tax (currently 1%).
Spanish´Congress should approve these measures in the coming months.
Ed Viering, director NMT International Shipping España SLIbersupport is a solid company, and has been doing our bookkeeping in Spain for the last 4 years. We expect to be doing business with them for many years to come. Any questions we have are answered directly, which isn't always the case with other accounting companies in Spain.